COP27: creation of a global shield against climate risks

The German presidency of the G7 group of world powers and the 58 members of the club of countries most vulnerable to climate change (V20) have set up a "Global Shield" against climate risks.

This initiative was launched on 14 November 2022 at the COP27, which is being held between 6 and 18 November 2022 in Sharm El Sheikh, Egypt.

The new international structure aims at helping the populations most affected by climate change to cope with extreme events such as droughts and floods.

The "Global Shield" mainly includes insurance coverage against damage to crops, buildings or business interruption.

The new fund has been endowed with an amount of 260.1 million USD, of which 175.5 million USD come from Germany, 61.9 million USD from France (over three years), 10.3 million USD from Ireland, nearly 5.2 million USD from Denmark and 7.2 million USD from Canada.

The first group of countries to benefit from the new program includes Bangladesh, Costa Rica, Fiji, Ghana, Pakistan, the Philippines, and Senegal.